Najib must step down over 1MDB’s ‘disappeared’ funds, says Dr M

Najib must step down over 1MDB’s ‘disappeared’ funds, says Dr M

Published: 23 April 2015 1:37 PM

Former prime minister Tun Dr Mahathir Mohamad says Datuk Seri Najib Razak must step down as he is unable to account for the whereabouts of 1Malaysia Development Bhd’s RM42 billion debt. – The Malaysian Insider pic by Najjua Zulkefli, April 23, 2015.Former prime minister Tun Dr Mahathir Mohamad says Datuk Seri Najib Razak must step down as he is unable to account for the whereabouts of 1Malaysia Development Bhd’s RM42 billion debt. – The Malaysian Insider pic by Najjua Zulkefli, April 23, 2015.Unaccounted funds from 1Malaysia Development Bhd’s (1MDB) spending shows the money has “disappeared” and Prime Minister Datuk Seri Najib’s inability to explain the matter disqualifies him from leading the country, former prime minister Tun Dr Mahathir Mohamad said today in renewed calls for the embattled Najib to step down.

Dr Mahathir also hinted at corruption and theft of 1MDB’s funds, saying that money disappearing was “different from just losing”.

“Governments can lose money through bad investments. We would know where the money is lost.

“But when huge sums of money disappear, then those entrusted with its management must answer for the disappearance.

“Disappearance is about money lost which cannot be traced. This can be because of corruption or theft,” he wrote in his blog at chedet.cc today.

“It is this disappearance of a huge amount of borrowed money by 1MDB and the inability to answer questions regarding what happened to the funds that disqualifies Najib from being prime minister of Malaysia.”

In his blog post, Dr Mahathir listed down the known investments of 1MDB, which is owned by the Finance Ministry and whose advisory board is chaired by Najib, who is also the finance minister.

These investments include the fund’s purchase of Powertek Energy Sdn Bhd, Genting Sanyet Power, Jimah energy, 70 acres of land in Jalan Tun Razak, more land in the former Sungai Besi air force base for the Bandar Malaysia project and land in Air Itam, Penang.

All known investments, Dr Mahathir said, amounted to RM14.7 billion.

“So there is approximately RM27 billion left,” he wrote.

Noting that more than US$1 billion was reportedly paid to PetroSaudi International, 1MDB’s little-known joint-venture partner for a period, Dr Mahathir then listed out more questions.

“Where is the rest of the money? A certain amount was registered in the Cayman Islands. What was the money used for?

“What was brought back to Malaysia? What was brought back and deposited in a Swiss bank in Singapore? Why? Where was the money brought back from? Why is this money not used to pay the RM2 billion interest? Why did Bank Negara allow the first tranche to be repatriated to Malaysia and not the second tranche?

“Now the Swiss bank has told the Singapore authorities that the document did not originate from them and does not represent a true account of the assets of 1MDB. So where is the money said to be registered in the Cayman Islands and is now brought back?” he said in reference to the latest expose by website Sarawak Report that 1MDB had given false statements about its subsidiary’s accounts in BSI Bank in Singapore.

BSI Bank had dismissed documents supplied by 1MDB chief executive officer Arul Kanda Kandasamy, relating to the accounts for its subsidiary, Brazen Sky Limited, in Singapore, according to Sarawak Report.

The Swiss private bank told the Singaporean authorities that the documents did not originate from them and did not represent a true account of the assets of the 1MDB subsidiary, said Sarawak Report.

Dr Mahathir also wrote that 1MDB had been “wrong from the beginning”.

“It started as an off-budget and was not put before Parliament. The money was borrowed. So it is not sovereign wealth but sovereign debt.”

He said the government had invested RM1 million in 1MDB at its inception, and the fund went on to borrow from various sources, leading to its RM42 billion debt.

“A company with RM1 million capital with no assets cannot borrow 42,000 times its capital with no collaterals. That 1MDB is able to do so is because of government guarantees.

“In other words, it is the government which is borrowing the money. If 1MDB loses money, the government will bear the loss. Yet the operation of 1MDB is not overseen by government officers responsible for the management of government funds.”

The former prime minister also criticised the secrecy in 1MDB’s accounting to the Cabinet, saying the process of presentation and approval was “unclear”.

“There seem to be attempts to hide behind official secrecy,” he said.

He held Najib ultimately responsible, saying that the prime minister “prefers to keep the Finance Ministry under him all the time”.

“He has appointed a second minister of finance. This is his prerogative of course, but he must ultimately be responsible for what happens to the country’s finances,” Dr Mahathir wrote.

BARACK OBAMA AND THE NUMBER 111http://www.reobama.com/ObaMath.htm The number 111 is a New Age number representing spiritual and earthly change. Other New Age eleven numbers include 1:11, 111, 11:11, and 2011. - Obama's Confirmation and Inauguration by the 111th Congress is 1/2009 or 111 (1+2/9=111). The 111th Congress ends in 2011. - The LA Times & […]

Occult Numerology President Barack Obama and the number 11 https://www.youtube.com/watch?v=KPUpPF1E9NI The strange case of Obama's numerology!By Rohit K Singhania While Barack Obama is the world’s powerful man, his numerology predictions tells a dangerous tale of numbers 4 and 8 coming together. Read below to know more Everyone has their eyes on the w […]

Top 10 Bizarre But True Drugs And Their EffectsJAMIE FRATER APRIL 1, 2009Seeking the ultimate high, people have ingested all kinds of bizarre chemicals and plants through history. Fortunately they have related (those who lived anyway) their experiences so we can now recount them to you. Prepare to be shocked by some of the contents on this list – you will al […]

Sex with robots will become reality by 2050, author claimsIT’S Saturday night, 2050. You switch on some music, turn down the lights and flick the switch to ON. No need for dinner or even a clean shirt because tonight, you’re romancing a robot.That’s the scenario envisaged by David Levy, author of Love and Sex and Robots, who predicts it won’t be long before […]

Playboy 'to drop' naked women images Its US owners say the internet has made nudity outdated, and pornographic magazines are no longer so commercially viable, the New York Times reports.Playboy's circulation has dropped from 5.6 million in the 1970s to the current 800,000, official figures show.However, the magazine will still feature women in […]

Sugar: The Bitter Truthhttps://www.youtube.com/watch?v=dBnniua6-oMWatch "The Skinny on Obesity" with Dr. Lustig: http://www.uctv.tv/skinny-on-obesityRobert H. Lustig, MD, UCSF Professor of Pediatrics in the Division of Endocrinology, explores the damage caused by sugary foods. He argues that fructose (too much) and fiber (not enough) appear to be c […]